Some of them, such as SIF Moldova (SIF2.RO), support the bank’s listing, while others say they are in talks with Austria’s Erste for better solutions.
Meanwhile, Erste heads are happy because it only takes one or two SIFs to sell the 6% stakes they hold, for them to take complete control over the bank and avoid floatation, a solution they entirely dislike.
SIF Banat (SIF1.RO) and SIF Transilvania (SIF3.RO) rejected the request of a group of shareholders for a general meeting of shareholders to be convened to discuss BCR floatation and they are close to reaching an agreement with Erste. The other ones are watching their moves closely, as those who are left behind will find it much more difficult to sell their shares.
Sources close to talks say that while two of the SIFs are in more advanced talks with Erste, what these two will get will benefit the other three, as well. “Should Erste reach an agreement and buy the stakes of just two of the SIFs, this would be a nasty trick everybody would find out about and that could be challenged in court,” said the sources.
Claudiu Doros, a vice-president with SIF Moldova, too, is worried that the two SIFs might team up with Erste inclusively in court, after a potential deal. On the other hand, Ioan Cuzman, president of SIF Banat-Crisana, said each SIF devises its own strategy. “We are not married to each other to go the way together”.
(English version by Catalina Apostoiu; Editing by Loredana Fratila-Cristescu)